We have included here this morning… courtesy of the OPEC Secretariat and of our friend, Mr. Russ Dallen of Caracas Capital in Caracas, Venezuela, who keeps us abreast of all-things Venezuelan oil-oriented… a chart of the oil production levels in December of the OPEC
members and we note that once again Venezuela’s production has fallen… by 33 thousand bpd to 1.148 million bpd. This may pale when compared to Saudi Arabia’s 468 thousand bpd lesser production this month than last, but when we compare Venezuela’s current 1.148 million bpd production to it’s 2.95 million bpd recent production peak back in early ’14 we begin to understand just what damage the Maduro regime has done to this once vibrant country.

To make the case even further… and we again wish to thank another friend, Dr. Mark Perry for this data… at the century’s turn Venezuela was producing on average just a bit more than 2.0 million bpd more than Texas was. Now, Texas alone is producing nearly 3.0 million bpd more than Venezuela! This is testament not only to Venezuela’s sad state of affairs, but to Texas’s great state!

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